SHO List

• Author: admin
• Filed under: Uncategorized
• Date: Sep 17,2008

The SEC issued a final rule amending its short sale price test. The rule eliminated the Rule 10a-1 tick test as well as the short-sale price tests of any self-regulatory organization, including NASDAQ’s Rule 3350 bid test. NASDAQ eliminated short-sale validation on July 6, 2007.

The SEC rule also removed the Regulation SHO requirement that a broker-dealer mark a sell order “short exempt” if the seller is relying on an exemption from a price test.

NASDAQ maintained the list for the Reg SHO price test change until October 4, 2007. Effective October 5, 2007, broker-dealers are no longer permitted to mark sales “short exempt”; instead all short sales must be marked “short”.

On January 2, 2007, a Regulation SHO Threshold List for NASDAQ and OTCBB stocks was not published on NASDAQTrader.com. As a result, certain original published Regulation SHO Threshold/NASD 3210 Lists listed below have been modified. Please review General News 2007-022 for complete details.

Certain securities included in the July 7, 2006, Regulation SHO Threshold List published on the NASDAQ Trader website should not have been included. Firms are advised to refer to NASDAQ’s General News item and review the revised list of securities subject to the Regulation SHO requirements for July 7, 2006.

For detailed information, please visit the SEC’s website at:

• http://www.sec.gov/divisions/marketreg/mrfaqregsho1204.htm
• http://www.sec.gov/spotlight/keyregshoissues.htm

Note: The list below contains securities from OTCBB, Other OTC and NASDAQ markets. The totals below reflects the number of securities from each marketplace that are included in the list. Please review the “Market Category” field for the specific listing market for each security.

Threshold Securities

On July 28, 2004 the Securities and Exchange Commission (”SEC”) adopted Regulation SHO with a compliance date of January 3, 2005. Regulation SHO requires Self Regulatory Organizations (”SRO”) to disseminate a daily list of “threshold securities” where such SRO or its market center is the primary listing venue for any such security. Rule 203(c)(6) of Regulation SHO defines a threshold security as any equity security of an issuer that is registered under Section 12, or that is required to file reports pursuant Section 15(d) of the Exchange Act where, for five consecutive settlement days: (1) there are aggregate fails to deliver at a registered clearing agency of 10,000 shares or more per security; (2) the level of fails is equal to at least one-half of one percent of the issuer’s total shares outstanding; and (3) the security is included on a list published by an SRO. Accordingly, the NYSE will post a list of threshold securities to this site for every settlement day, including any such day where DTCC is open and settling transactions but, the NYSE is closed.

From time to time, upon application from a NYSE specialist to continue to fulfill its obligation to maintain a fair and orderly market pursuant to NYSE Rule 104, a temporary exemption from the close out and/or borrowing requirements of Regulation SHO, 17CFR 242.203 (b)(3), may be recommended by the New York Stock Exchange and granted to the NYSE specialist in the security, by the Securities and Exchange Commission. The temporary exemption would normally last no longer than 30 days but may be renewed, depending upon the particular circumstances. The fact that a NYSE specialist has been granted an exemption will initially remain confidential to protect the NYSE specialist’s position in the subject security

Pipe-delimited data is available for download.

Data processed on 09/16/2008

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